Polaris Technology Ltd has restructured its businesses by separating its services and products divisions. It has also appointed five new CEOs to grow the company.

Both the divisions will have independent management teams and strategies aligned to their customers' needs.

Polaris veteran Govind Singhal will guide the company-wide change process from the office of the chairman, according to a company press release.

For Polaris, out of the total revenue of Rs 2,308 crore for the financial year ended March 31, 2013, FT Sourcing (Services) contributed Rs 1,708 crore and FT Intellect (Products) Rs 528 crore.

In January 2013, based on leadership deliberations and recommendations from Boston Consulting Group, the company was asked by its board to explore options that would provide impetus to growth and maximising shareholder value.

A task force was set up with senior leaders in the company, led by Jaideep Billa and comprising Natarajan Narayanasamy, Anil Verma, and Rajesh Saxena, the release said.

Leadership team

The expanded leadership team of Polaris will be:

Jitin Goyal, CEO, Services (was earlier with Infosys and Citibank), Manish Maakan, CEO, Global Transaction Banking (was with GE Money), Jaideep Billa (formerly with NCR) and Venkatesh Srinivasan (earlier with TCS and Citigroup), Joint CEOs, Core Banking & Treasury and Capital Markets, and Pranav Pasricha, CEO, Insurance Products (earlier with Booz Allen Hamilton and AT Kearney).

Arun Jain, Chairman & CEO, Polaris, said the company now has five capable, fully empowered CEOs, and a networked structure to support the growth plans. This represents a tremendous opportunity to drive value for customers, while unlocking enterprise value for Polaris.

On the BSE, the Polaris’ scrip closed at Rs 109, an increase of 0.74 per cent over previous day’s closing price.

raja.simhan@thehindu.co.in

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